Crypto Moguls Invest $40M to Combat California Wealth Tax Initiatives

Ripple's Chris Larsen and investor Tim Draper invest in Grow California to challenge union-supported wealth tax proposals in the state.

In a strategic move to influence California's fiscal policies, Ripple co-founder Chris Larsen and prominent venture capitalist Tim Draper have pledged $40 million to support Grow California, a newly established political initiative. This effort is specifically designed to counteract proposals for a wealth tax that are backed by labor unions.

The involvement of these influential figures highlights the growing concern among wealthy individuals regarding taxation proposals that they perceive as detrimental to the state's economic landscape. By backing Grow California, Larsen and Draper aim to mobilize public opinion against these union-supported measures, which they believe could stifle innovation and investment in the region.